- Buyers restrict purchases to immediate needs
- Weak fresh bookings prompt mills to lower offers
India’s induction furnace (IF) steel prices dropped d-o-d across regions on 23 October 2026.
Sponge iron prices fluctuated by INR 50-300/t d-o-d. Prices fell the steepest in Ramgarh by INR 300/t to INR 27,800/t.
Billet prices dropped by INR 200-500/t d-o-d. Prices lowered the sharpest in Chennai by INR 500/t to INR 47,000/t.
Rebar (Fe 500) prices declined by INR 100-700/t. Prices dropped most sharply in Raipur by INR 700/t to INR 47,400/t.
Today’s market witnessed subdued trading activity across regions, with d-o-d price declines in both finished and semi-finished steel segments. The correction was primarily driven by sluggish finished steel sales and weakening fresh bookings. Market participants reported that buyers continued to adopt a need-based purchasing approach, while those in the semi-finished steel segment remained cautious, anticipating further price reductions before making fresh purchases.
Sellers primarily focused on executing earlier bookings and completing pending dispatches. To improve sales and maintain liquidity amid limited buying activity, mills reduced offers or extended discounts in line with previously booked orders.
The conversion spread from sponge iron (PDRI) to billets for the standalone induction furnaces in the Raipur cluster was assessed at INR 15,750/t.
Click here for brand-wise rebar details
BigMint’s price assessment (region-wise)
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